Episode Summary

For most employees, making the transition into retirement means they have to come to grips with how they are going to live without a paycheck for arguably the rest of their life.  While this is a highly personal and individual decision, if you are their employer at the time, the decision about when and if they are ready to make the transition into retirement can have a big impact on you!  To help get more familiar with the struggles and challenges in preparing as well as the participant tools and resources needed to help make life without a paycheck a reality, I sat down with Jerry Patterson the Senior Vice President of Retirement & Investor Services at Principal Financial Group.  During our conversation he shares his experience, research and advice on how participants get tripped up by admiring a balance, not understanding fixed and variable expenses and falling victim to retirement drift.  We also spend time talking about strategies employers may explore to help their employees with decumulation, or converting the balances they have accumulated over their years into a stream of income.  Be sure to stick around after our interview ends for the 401(k) Fridays Fiduciary Fact and Folly. 

Guest Bio

Jerry Patterson has been a presence in the financial services industry for more than 25 years where he held a number of diverse and senior roles at some of the nation’s largest financial institutions.  Patterson currently serves as senior vice president, Retirement & Investor Services with the Principal Financial Group where he leads the company’s annuity, individual investor services, and broader retirement income efforts.  Key areas of focus in his current role include driving better retirement outcomes through more effective retirement plan designs, behavior-based education and engagement strategies, getting more Americans to understand and embrace the power of guaranteed retirement income, and addressing the unique and different needs of emerging Millennials and retiring Baby Boomers. 

Patterson is a national speaker and writer on a broad range of issues and topics, including financial and estate planning, behavioral finance, healthcare, wellness, Millennials, Boomers, and retirement.  He is a resident blogger for the Huffington Post where he focuses on financial wellness and overcoming human nature to attain better financial security outcomes.  He can be followed @JerryWPatterson.

Patterson is an active participant in a number of industry and community organizations focused on retirement security and the arts.  He is currently an active board member for the Insured Retirement Institute, Ballet Des Moines, and Des Moines Social Club.  Patterson’s education and early career focus was on accounting and law and he is a member of the Kansas and Missouri bars. 

401(k) Fridays Overview

Welcome to the 401(k) Fridays Podcast, where employers come to learn and retirement industry leaders come to share their unique stories, experiences and perspectives.  My name is Rick Unser, and I am your host.  Each episode leverages my nearly two decades of experience as a retirement consultant and features a candid interview with an industry expert to help enhance fiduciary protection, streamline plan operations or improve participant retirement readiness.  

For more information please visit www.401kfridays.com